The Republican journal. [volume] (Belfast, Me.) 1829-current, 1887-04-14
Chepier 60.


Chapter 60.
AN ACT to create Il lien on last blocks
Be it enacted, &c, Us follows:
Section /. Whoever lahors in the manufacturing
OF last blocks or cuts or furnishes wood for The
manufacture OF the same, IS engaged in cooking
for persons engaged in such labor or furnishes a
team for the hauling of said last blocks the lln
Der from which they are manu- fac tured has a lien
said last blocks for the amount due him for his
personal labor thereon. that of his team and for
the amount due for wood or furnished
which takes precedence Of all other claims, except
liens reserved 10 the state; said lien shall
Tor thirty days after the said last blocks stored
OF housed Tor drying purposes, and shall be en-
forced by attachment.
Section 2. Section forty-two of chapter ninety
one of the revised statutes. ia hereby made appi-
cable to suits brought to enforce the foregoing
liens Approved March B. 1857
Chapter 81.
AN ACT to amend chapter forty seven of the
Revised Statutes, relating to Loan and BUILDING
Be it enacted, &c as follows
Chapter forty-seTen of the revised statutes is
herebs emenIed by striking ont sections one hun
dred ana thirty four, one hundred and thirty tve
one hundred and thrty-sx, one hundred and
thirty seven and one hundred ana thirty-eight of
sau chapter forty seven. and inserting Instead
thereof the following
Section 1874 The capital to he accumulated
shall not exceed one million dollars, and shall be
divided into shares of the ultimate value Of two
hundred dollars each. The shares may be issued in
quarterly half-yearly or yearly series, in, such
determine. No person shall hold more than TWENTY
dve shares in the capital OF any one sth associa-
uon No shares OF PRIOR series shall be issued
after the issue of series.
Section l35 The number, title, duties and com
pensation of the officers of the association their
terms OF o;itce, the time OF their election, az well
as the qualifications of electors and time Of each
periodical meeting of the officers and members,
shall be determined by the by laws, but no member
shall be entitled to more than vote. All OIL
GERS snail continue in office until their successors
are duly elected, md no association shall expire
from neglect on its part to elect officers at the time
prescribed by the by laws.
Section 1876. The officers shall hold stated
mohthly meetings. At or before each of these
meetings, every member shall pay to the es.ocia-
Son as contribution to its capital. one dollar, M
dues upon each share held by him, until the share
reaches the ultimate value of two hundred dollars
or Is Withdrawn, Cancelled or forfeited PAYMENT
OF dues on each series shall commence from its
Section 1877. Shares may be withdrawn after
one months notice of such intention, written in q
purpose. Upon such withdrawal the sharehoIder's
account shall be settled as follows: from the
amount then standing to the credit of the shares to
to Withdrawn, there shall be deducted all fines, =
FroPortionate part of any unadjusted oss together
With s1ch proportion Of the prodts previously
credited to the shares as the bylaw. may provide,
provided. that at no time shall more than onehalf
Of tno !uhds In the treasury be applicable to the
oemanas Of wthdrawng members. without the
consent OF tho directors. The directors may, ut
their discretion, under rules made by them, retire
the unpledged shares of any series, at sny time
after four years from the date Of their issue, by
enforcing the withdrawal Of the same; provided,
that the shareholders whose shares are to be
retired shall b determined by lot, and that they
shall he paid the foil value Of their shares less al
nnes and . proportionate part Of any unadjusted
Section 1888. When each unpledged share Of =
given series reaches the value Of two hundred
dollars, all payments Of dues thereon shall cease
and the holder thereof shall be paid out Of the
funds Of the association, two hundred dollars
therefor With interest at the rate of SIX per cent
year. from tho time Of such maturity to the time Of
payment; provided, that at no time shall more than
onenht OF the funds In the treasury he applicable
70 the payment Of such matured shares, without
the consent Of the Directors and that before pay
ing mAfured shares, all arrears and fines SHAH be
deducted. Every share shall be subject to . lien
Tor the payment OF any unpaid dues fines, interest
premiums and other charges received thereon,
which may be enforced in the manner hereinafter
provided
Section $780, Tho moneys accumulated. after
due allowance made for all necessary and proper
expenses and for the withdrawal Of shares. shall,
s ~ 1890 monthly meeting be offered to tho
for priority Of right to a loan Each member
whose bid Is accepted, shall be entitled, upon Civ
dred dollaxs for each share held by him, or such
fractional part Of two hundred dollars as the by
laws may allow Ii . balance Of money remains
unsod after .. monthly sale. the directors may in
vest the same In any Of the securities named In
section one hundred of chapter forty seven revised
statutes, providing for investments Of deposits Of
said, may provide in its by-'aws that the bid for
loans, at its stated monthly meetings SHALL instead
Of premium. 10 rate OF annual interest upon
the sum desired payable in monthly installments.
Such bids shall include the whole interest to DO
paid. and may be At any rate not less than Ave per
cent per annum.
Section no. Premiums for loans shall consist
OF percentage charged on the amount lent In
addition to interest, and shall be deemed to be .
paid BY the borrower for the present
use and possession OF the future or ultimate value
of his shares and shall, together with interest and
tines, be received by the association as q profit on
the capital invested in the loan. and sha be dis
triOused to the various shares and series Of eaid
capital a. hereinafter provided.
Section IA: borrowing member for each
shxre borrowed upon SHALL In addition to his dues
and monthly premium, pay monthly interest ON
his loan al the rate OF six per cent per annum until
dollars each. or the loan has been repaid; and
when said ultimate value 10 reached. said shares
and loan shall he declared cancelled and ratsfed
and the balance, any, due upon the shares shall
be paid to the member.
Section i42 For every loan made, note re-
cured by first mortgage Of real estate shall be
given, accompanied by tYansfer and pledge Of
the shares Of the borrower. Tho share 60 pledged
shall be held by the association ~ collateral secur
ity for the performance Of tho conditions Of the
note and mortgage Said note and mortgage shall
recite the number Of shares pledged, and the
amount Of money advanced thereon. and shall be
conditioned for the payment, At the stated moot
lngs of the corporation. Of tho monthly dnas On
said shares, and the interest and premium upon thu
loan, together with all fDes payments In ssrea,
until said shares reach the ultimate value Of two
hundred dolars each. or said loan q Otherwise
cancelled OF discharged: provided, that the aharea,
the directors. be pledged a. security for looms 70
amount not exceeding their vnlue - adjusted AZ
he last adjustment and valuation d shases before